Asian stocks closed mixed on Friday in lackluster trading after economic data in the US and Japan failed to impress investors.
Instead, players were happy to limit any gains by booking profits after a solid rise in the previous two trading sessions pushed benchmarks back up towards key resistance levels.
This resulted in Tokyo closing up just 0.29 percent.
Seoul, Shanghai, Singapore and Kuala Lumpur were little changed while Sydney slumped 0.99 percent with investors there turning more cautious over the state of the US economy. Taipei was up 0.61 percent on support for tourism stocks.
Jakarta climbed 0.92 percent to a fresh record high after local inflation figures reinforced the case for an interest rate cut but Hong Kong was down 1.42 percent after shareholders knocked back attempts by PCCW chairman Richard Li (李澤楷) to sell his majority stake in the telecom.
Mumbai also struck a record high, up 1.08 percent on the back of better than expected local GDP numbers. Manila was closed for a public holiday.
TAIPEI
Share prices rose 0.61 percent to close above the key 7,600 point level as sustained foreign investor interest supported the market.
The weighted index gained 45.85 points at 7,613.57 on turnover of NT$133.03 billion (US$4.12 billion).
Tourism stocks outperformed after a report that Taiwan may be able to host the first group of tourists travelling directly from China by the end of the year at the earliest, dealers said.
Transport shares were bolstered by a report that parliament is due to vote on Friday on an opposition initiative to revise regulations to facilitate the opening of transportation links between Taiwan and China, they said.
"Sentiment toward the local bourse was apparently backed by [ample] liquidity," said Frank Lin, senior vice president at Fubon Securities (
"There were expectations of an influx of foreign capital, evidenced by the appreciation in the local currency," Lin said.
Some profit-taking emerged around midsession, but liquidity-powered interest buoyed the index to close in positive territory.
TOKYO
Share prices gained 0.29 percent after subdued inflation data decreased expectations of a hike in interest rates by the end of the year.
Dealers said the market came off early highs as it digested the day's mixed data, with shares of some exporters sliding on the stronger yen.
The Nikkei-225 gained 47.45 points to 16,321.78. Volume fell to 1.69 billion shares from 1.81 billion shares on Thursday.
Data before the opening bell showed Japan's core consumer price index rose only 0.1 percent in October as the cost of oil subsided.
Dealers said the weaker-than-expected numbers had decreased the likelihood of the central bank raising interest rates this month although many participants still expect a hike by early next year.
SEOUL
Share prices closed 0.15 percent higher on foreign investor interest, with POSCO hitting a record on a report of a possible capital tie-up with China's Baosteel.
Dealers said POSCO was a top feature after reports pointing to a capital tie-up with Baosteel and Nippon Steel of Japan to create a major combine capable of competing in a fast consolidating industry.
The KOSPI index was up 2.15 points at 1,434.36.
HONG KONG
Share prices closed 1.42 percent lower on profit-taking after recent gains, with the downturn led by a 4.95 percent fall in PCCW after shareholders rejected the sale of the company.
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